Profit, Accumulation, and Crisis in Capitalism

Long-term Trends in the UK, US, Japan, and China, 1855–2018

By:

Minqi Li

Format:

Paperback / softback

Series:

Routledge Frontiers of Political Economy

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Description

Karl Marx hypothesized that there is a long-term tendency for the profit rate to fall in capitalist economies. Immanuel Wallerstein hypothesized that capitalist development tends to drive up labor cost, material cost, and taxation cost. This book evaluates Marx’s and Wallerstein’s hypotheses by studying the long-term movement of the profit rate and contributing factors in major capitalist economies. During the twentieth century, leading capitalist economies largely succeeded in stabilizing the profit rate. However, the current decline of the profit rate in China may precipitate the global capitalist economy into a new major crisis. As economic growth slows down in all major capitalist economies, Marx’s original hypothesis may be verified by the global economic events in the twenty-first century.

Author Biography:

Minqi Li is Professor of Economics at The University of Utah. He is the author of The Rise of China and the Demise of the Capitalist World Economy; Peak Oil, Climate Change and the Limits to China’s Economic Growth; and China and the 21st Century Crisis.

Release date NZ

June 13th, 2022

Author

Minqi Li

Audience

General (US: Trade)

Illustrations

53 Illustrations, black and white

Pages

168

Series

Routledge Frontiers of Political Economy

ISBN-13

9781032337074

Product ID

35778403

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